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According to both of these this is a feature that does not exist in VLC, is usually done in hardware, and would be INCREDIBLY software intensive. Based on this research, I would say, can't be done at this time.

If you look closely, you'll see I made both of those posts :P
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KurruNov 20 '10 at 16:49

I would expect its actually doable in software, just very intensive. But it would probably require about FPS*(pxWidth*pxHeight)*4 floating point multiplications a second. so about 25M multiplications per second. I think CPUs should be able to do that, but definitely doable with a GPU implementation
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KurruNov 20 '10 at 16:52

@Kurru - You asked how to configure VLC to do something you know you can't configure it to do? This is a site for computer/software users, not programmers. May I recommend stack overflow if you want assistance in writing a plugin to do this. Could you also please mark the question answered, since you have verified I am accurate in my statement "can't be done at this time." And I posted those because you wrote them.
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EverettNov 22 '10 at 9:04

However "cant be done at this time" is not a valid answer
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KurruNov 23 '10 at 17:34

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How is an accurate, correct answer invalid? You asked how to setup keystone correct in VLC. There is no setting, therefore no setting it up. It would be like asking "how do I make my car fly?" We have the technology to do it, but unless you reengineer the car (rewrite software in this case), the only correct (and valid) answer is, "can't be done at this time." It's the only way to answer an "invalid" question.
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EverettNov 23 '10 at 22:58